statistics

http://www.hedgeweek.com/articles/detail.jsp?content_id=9767&livehome=true
- 32% of respondents report that the pricing of illiquid instrumentsrepresents the most significant challenge with regard to portfoliovaluation;
- Hard-to-value instruments represent only 14% of the aggregate value ofthe funds managed by respondents;
- 73% of hedge fund respondents have an independent administrator toprovide NAV;
- 65% of all respondents have a value error tolerance that their firmuses before re-calculating NAV;
- 93% of administrators are fully independent from the manager;? There is a general desire to enhance valuation practices andprocedures.